Vikas Khemani’s Carnelian Mutual Fund appoints Rajkumar Dhiman as CEO

Market veteran Vikas Khemani’s Carnelian Asset Management has announced the appointment of Rajkumar Dhiman as Chief Executive Officer of Carnelian Mutual Fund, as the investment management firm expands its presence into the mutual fund space.

According to a press release by the fund house, Rajkumar Dhiman brings over 20 years of experience in the asset management industry, with a strong track record across business strategy, distribution, marketing, channel development and product initiatives. Over the course of his career, he has worked across leading asset management companies, gaining experience in building businesses, strengthening distribution ecosystems and developing investor-focused propositions.

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Prior to joining Carnelian, Dhiman was associated with Motilal Oswal Asset Management Company, where he served as Executive Group Vice President and Head of Marketing and Digital. He has previously held leadership roles at ICICI Prudential Asset Management and Reliance Nippon Life Asset Management, as well as Reliance Capital Asset Management.

“The launch of our mutual fund business is an important step in Carnelian’s journey of taking our investment philosophy to a wider set of investors. We are delighted to have Rajkumar lead this business. His experience across digital, distribution and business building will be valuable as we develop a contemporary mutual fund platform that combines Carnelian’s research-driven investment approach with a strong focus on investor experience,” said Vikas Khemani, Founder & CIO, Carnelian Asset Management.

“Carnelian has built a strong investment platform anchored in rigorous research, clarity of thought and a long-term approach to wealth creation. The mutual fund business provides an opportunity to take this philosophy to a wider investor base. Our focus will be on building a robust and scalable platform, supported by strong distribution and digital capabilities, while keeping investor needs at the centre of the business. We aim to build a mutual fund franchise that is grounded in consistency, discipline and long-term value creation,” said Rajkumar Dhiman, CEO, Carnelian Mutual Fund.

Carnelian received final approval from the Securities and Exchange Board of India (SEBI) in July 2026 to launch its asset management business. With the mutual fund business, Carnelian aims to build on its established investment philosophy and research capabilities while expanding access to its investment solutions across a broader retail and institutional investor base.

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The fund house is set to launch its two funds next week: a liquid fund and a smallcap fund (Source: ACE MF).

The AMC will be able to provide investment solutions across active and passive strategies, covering equity, debt and hybrid products.

Carnelian offers investment solutions across Portfolio Management Services (PMS), Alternative Investment Funds (AIFs) and offshore funds, spanning strategies focused on India’s growth story, structural themes, manufacturing and technology, and private-market opportunities. The firm currently manages Rs 20,600+ crore in assets, serves 9,100+ clients and has 850+ partners across 10 locations, with data as of August 31, 2026.

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